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Please help me out The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company
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The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional Information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 11, 2021 and 2020 ($ in thousands) 2021 S $ Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation 82 87 36 89 62 540 (133) 76 45 90 14 85 75 430 (90) 549 5 $ $ 29 6 5 8 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Pald-in capital excess of par Retained earnings 38 8 3 12 22 130 174 280 2.30 140 115 123 91 $ 763 $ 649 RIGHT COMPANY Income Statement For Year Ended December 31, 2021 (5 in thousands) Revenues Sales revenue 539 Expenses: Cost of goods sold $ 160 Salaries expense 46 Depreciation expense 4 Interest expense 12 Loss on sale of land 5 Income tax expense 54 320 Net Income 570 Additional information from the accounting records a Land that onginally cost $13,000 was sold for $8,000 b. The common stock of Microsoft Corporation was purchased for $22.000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $110.000 cash d A $22.000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $44,000 face value Common stock ($50,000 pan was sold for $75,000 9 Net Income was $70,000 and cash dividends of $40,000 were paid to shareholders The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company Additional Information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 11, 2021 and 2020 ($ in thousands) 2021 S $ Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation 82 87 36 89 62 540 (133) 76 45 90 14 85 75 430 (90) 549 5 $ $ 29 6 5 8 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Pald-in capital excess of par Retained earnings 38 8 3 12 22 130 174 280 2.30 140 115 123 91 $ 763 $ 649 RIGHT COMPANY Income Statement For Year Ended December 31, 2021 (5 in thousands) Revenues Sales revenue 539 Expenses: Cost of goods sold $ 160 Salaries expense 46 Depreciation expense 4 Interest expense 12 Loss on sale of land 5 Income tax expense 54 320 Net Income 570 Additional information from the accounting records a Land that onginally cost $13,000 was sold for $8,000 b. The common stock of Microsoft Corporation was purchased for $22.000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $110.000 cash d A $22.000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $44,000 face value Common stock ($50,000 pan was sold for $75,000 9 Net Income was $70,000 and cash dividends of $40,000 were paid to shareholders Step by Step Solution
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